Loans Held for Investment (Tables)

9 Months Ended

Mar. 31, 2023

Loans Held for Investment

Schedule of loans held for investment

	March 31,		June 30,
(In Thousands)	2023		2022
Mortgage loans:
Single-family	$	512,632	$	378,234
Multi-family		466,332		464,676
Commercial real estate		90,496		90,429
Construction		2,891		3,216
Other		108		123
Commercial business loans		1,640		1,206
Consumer loans		61		86
Total loans held for investment, gross		1,074,160		937,970
Advance payments of escrows		265		47
Deferred loan costs, net		9,280		7,539
Allowance for loan losses		(6,001)		(5,564)
Total loans held for investment, net	$	1,077,704	$	939,992

Schedule of loans held for investment, contractual repricing

	Adjustable Rate
			After		After		After
		Within	One Year		3 Years		5 Years
(In Thousands)	One Year		Through 3 Years		Through 5 Years		Through 10 Years		Fixed Rate		Total
Mortgage loans:
Single-family	$	54,826	$	19,064	$	64,330	$	264,053	$	110,359	$	512,632
Multi-family		144,363		130,700		143,405		47,726		138		466,332
Commercial real estate		42,412		14,277		32,511		—		1,296		90,496
Construction		625		174		—		—		2,092		2,891
Other		—		—		—		—		108		108
Commercial business loans		1,574		—		—		—		66		1,640
Consumer loans		61		—		—		—		—		61
Total loans held for investment, gross	$	243,861	$	164,215	$	240,246	$	311,779	$	114,059	$	1,074,160

Schedule of gross loans held for investment by loan types and risk category

	March 31, 2023
					Commercial				Other		Commercial
(In Thousands)	Single-family		Multi-family		Real Estate		Construction		Mortgage		Business		Consumer		Total
Pass	$	510,643	$	465,821	$	89,946	$	2,891	$	108	$	1,640	$	61	$	1,071,110
Special Mention		962		511		—		—		—		—		—		1,473
Substandard		1,027		—		550		—		—		—		—		1,577
Total loans held for investment, gross	$	512,632	$	466,332	$	90,496	$	2,891	$	108	$	1,640	$	61	$	1,074,160

	June 30, 2022
					Commercial					Other	Commercial
(In Thousands)	Single-family		Multi-family		Real Estate		Construction			Mortgage	Business		Consumer		Total
Pass	$	376,502	$	464,676	$	90,429	$	3,216	$	123	$	1,206	$	86	$	936,238
Special Mention		224		—		—		—		—		—		—		224
Substandard		1,508		—		—		—		—		—		—		1,508
Total loans held for investment, gross	$	378,234	$	464,676	$	90,429	$	3,216	$	123	$	1,206	$	86	$	937,970

Schedule of allowance for loan losses

The following table is provided to disclose additional details for the periods indicated on the Corporation’s allowance for loan losses:

	For the Quarter Ended						For the Nine Months Ended
	March 31,						March 31,
(Dollars in Thousands)	2023			2022			2023			2022
Allowance at beginning of period	$	5,830		$	6,608		$	5,564		$	7,587
Provision (recovery) for loan losses		169			(645)			430			(2,051)
Recoveries:
Mortgage loans:
Single-family		2			6			7			433
Total recoveries		2			6			7			433
Total charge-offs		—			—			—			—
Net recoveries (charge-offs)		2			6			7			433
Balance at end of period	$	6,001		$	5,969		$	6,001		$	5,969
Allowance for loan losses as a percentage of gross loans held for investment at the end of the period		0.56	%		0.66	%		0.56	%		0.66	%
Net (recoveries) charge-offs as a percentage of average loans receivable, net, during the period (annualized)		(0.00)	%		(0.00)	%		(0.00)	%		(0.07)	%
Allowance for loan losses as a percentage of gross non-performing loans at the end of the period		584.32	%		268.15	%		584.32	%		268.15	%

Schedule of past due status of gross loans held for investment, net of fair value adjustments

	March 31, 2023
			30-89 Days Past				Total Loans Held for
(In Thousands)	Current		Due		Non-Accrual(1)		Investment, Gross
Mortgage loans:
Single-family	$	510,643	$	962	$	1,027	$	512,632
Multi-family		466,332		—		—		466,332
Commercial real estate		90,496		—		—		90,496
Construction		2,891		—		—		2,891
Other		108		—		—		108
Commercial business loans		1,640		—		—		1,640
Consumer loans		60		1		—		61
Total loans held for investment, gross	$	1,072,170	$	963	$	1,027	$	1,074,160

(1) All loans 90 days or greater past due are placed on non-accrual status.

	June 30, 2022
			30-89 Days Past				Total Loans Held for
(In Thousands)	Current		Due		Non-Accrual(1)		Investment, Gross
Mortgage loans:
Single-family	$	376,726	$	—	$	1,508	$	378,234
Multi-family		464,676		—		—		464,676
Commercial real estate		90,429		—		—		90,429
Construction		3,216		—		—		3,216
Other		123		—		—		123
Commercial business loans		1,206		—		—		1,206
Consumer loans		83		3		—		86
Total loans held for investment, gross	$	936,459	$	3	$	1,508	$	937,970

(1) All loans 90 days or greater past due are placed on non-accrual status.

Schedule of allowance for loan losses and recorded investment

	Quarter Ended March 31, 2023
	Single-			Multi-			Commercial									Commercial
(In Thousands)	family			family			Real Estate			Construction			Other			Business			Consumer			Total
Allowance for loan losses:
Allowance at beginning of period	$	1,600		$	3,300		$	847		$	17		$	3		$	58		$	5		$	5,830
Provision (recovery) for loan losses		127			7			21			4			(1)			12			(1)			169
Recoveries		2			—			—			—			—			—			—			2
Charge-offs		—			—			—			—			—			—			—			—
Allowance for loan losses, end of period	$	1,729		$	3,307		$	868		$	21		$	2		$	70		$	4		$	6,001
Allowance for loan losses:
Individually evaluated for impairment	$	38		$	—		$	—		$	—		$	—		$	—		$	—		$	38
Collectively evaluated for impairment		1,691			3,307			868			21			2			70			4			5,963
Allowance for loan losses, end of period	$	1,729		$	3,307		$	868		$	21		$	2		$	70		$	4		$	6,001
Loans held for investment:
Individually evaluated for impairment	$	804		$	—		$	—		$	—		$	—		$	—		$	—		$	804
Collectively evaluated for impairment		511,828			466,332			90,496			2,891			108			1,640			61			1,073,356
Total loans held for investment, gross	$	512,632		$	466,332		$	90,496		$	2,891		$	108		$	1,640		$	61		$	1,074,160
Allowance for loan losses as a percentage of gross loans held for investment		0.34	%		0.71	%		0.96	%		0.73	%		1.85	%		4.27	%		6.56	%		0.56	%
Net (recoveries) charge-offs to average loans receivable, net during the period		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%

	Quarter Ended March 31, 2022
	Single-			Multi-			Commercial									Commercial
(In Thousands)	family			family			Real Estate			Construction				Other		Business			Consumer			Total
Allowance for loan losses:
Allowance at beginning of period	$	1,396		$	4,219		$	915		$	55		$	3		$	15		$	5		$	6,608
(Recovery) provision for loan losses		(64)			(544)			(45)			4			—			5			(1)			(645)
Recoveries		6			—			—			—			—			—			—			6
Charge-offs		—			—			—			—			—			—			—			—
Allowance for loan losses, end of period	$	1,338		$	3,675		$	870		$	59		$	3		$	20		$	4		$	5,969
Allowance for loan losses:
Individually evaluated for impairment	$	51		$	—		$	—		$	—		$	—		$	—		$	—		$	51
Collectively evaluated for impairment		1,287			3,675			870			59			3			20			4			5,918
Allowance for loan losses, end of period	$	1,338		$	3,675		$	870		$	59		$	3		$	20		$	4		$	5,969
Loans held for investment:
Individually evaluated for impairment	$	1,549		$	—		$	—		$	—		$	—		$	—		$	—		$	1,549
Collectively evaluated for impairment		326,112			468,656			91,344			4,127			131			459			73			890,902
Total loans held for investment, gross	$	327,661		$	468,656		$	91,344		$	4,127		$	131		$	459		$	73		$	892,451
Allowance for loan losses as a percentage of gross loans held for investment		0.41	%		0.78	%		0.95	%		1.43	%		2.29	%		4.36	%		5.48	%		0.66	%
Net (recoveries) charge-offs to average loans receivable, net during the period		(0.01)	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%

	Nine Months Ended March 31, 2023
							Commercial									Commercial
(In Thousands)	Single-family			Multi-family			Real Estate			Construction			Other			Business			Consumer			Total
Allowance for loan losses:
Allowance at beginning of period	$	1,383		$	3,282		$	816		$	23		$	3		$	52		$	5		$	5,564
Provision (recovery) for loan losses		339			25			52			(2)			(1)			18			(1)			430
Recoveries		7			—			—			—			—			—			—			7
Charge-offs		—			—			—			—			—			—			—			—
Allowance for loan losses, end of period	$	1,729		$	3,307		$	868		$	21		$	2		$	70		$	4		$	6,001
Allowance for loan losses:
Individually evaluated for impairment	$	38		$	—		$	—		$	—		$	—		$	—		$	—		$	38
Collectively evaluated for impairment		1,691			3,307			868			21			2			70			4			5,963
Allowance for loan losses, end of period	$	1,729		$	3,307		$	868		$	21		$	2		$	70		$	4		$	6,001
Loans held for investment:
Individually evaluated for impairment	$	804		$	—		$	—		$	—		$	—		$	—		$	—		$	804
Collectively evaluated for impairment		511,828			466,332			90,496			2,891			108			1,640			61			1,073,356
Total loans held for investment, gross	$	512,632		$	466,332		$	90,496		$	2,891		$	108		$	1,640		$	61		$	1,074,160
Allowance for loan losses as a percentage of gross loans held for investment		0.34	%		0.71	%		0.96	%		0.73	%		1.85	%		4.27	%		6.56	%		0.56	%
Net (recoveries) charge-offs to average loans receivable, net during the period		—	%		—	%		—	%		—	%		—	%		—	%		—	%		—	%

	Nine Months Ended March 31, 2022
							Commercial									Commercial
(In Thousands)	Single-family			Multi-family			Real Estate			Construction			Other			Business			Consumer			Total
Allowance for loan losses:
Allowance at beginning of period	$	2,000		$	4,485		$	1,006		$	51		$	3		$	36		$	6		$	7,587
(Recovery) provision for loan losses		(1,095)			(810)			(136)			8			—			(16)			(2)			(2,051)
Recoveries		433			—			—			—			—			—			—			433
Charge-offs		—			—			—			—			—			—			—			—
Allowance for loan losses, end of period	$	1,338		$	3,675		$	870		$	59		$	3		$	20		$	4		$	5,969
Allowance for loan losses:
Individually evaluated for impairment	$	51		$	—		$	—		$	—		$	—		$	—		$	—		$	51
Collectively evaluated for impairment		1,287			3,675			870			59			3			20			4			5,918
Allowance for loan losses, end of period	$	1,338		$	3,675		$	870		$	59		$	3		$	20		$	4		$	5,969
Loans held for investment:
Individually evaluated for impairment	$	1,549		$	—		$	—		$	—		$	—		$	—		$	—		$	1,549
Collectively evaluated for impairment		326,112			468,656			91,344			4,127			131			459			73			890,902
Total loans held for investment, gross	$	327,661		$	468,656		$	91,344		$	4,127		$	131		$	459		$	73		$	892,451
Allowance for loan losses as a percentage of gross loans held for investment		0.41	%		0.78	%		0.95	%		1.43	%		2.29	%		4.36	%		5.48	%		0.66	%
Net (recoveries) charge-offs to average loans receivable, net during the period		(0.20)	%		—	%		—	%		—	%		—	%		—	%		—	%		(0.07)	%

Schedule of recorded investment in non-performing loans

	At March 31, 2023
	Unpaid								Net
	Principal		Related		Recorded				Recorded
(In Thousands)	Balance		Charge-offs		Investment		Allowance(1)		Investment
Mortgage loans:
Single-family:
With a related allowance	$	971	$	—	$	971	$	(82)	$	889
Without a related allowance(2)		83		(27)		56		—		56
Total single-family loans		1,054		(27)		1,027		(82)		945
Total non-performing loans	$	1,054	$	(27)	$	1,027	$	(82)	$	945

(1) Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan.

(2) There was no related allowance for loan losses because the loans were charged-off to their fair value or the fair value of the collateral was higher than the loan balance.

	At June 30, 2022
	Unpaid		Related						Net
	Principal		Charge-offs		Recorded				Recorded
(In Thousands)	Balance		Related		Investment		Allowance(1)		Investment
Mortgage loans:
Single-family:
With a related allowance	$	993	$	—	$	993	$	(85)	$	908
Without a related allowance(2)		548		(33)		515		—		515
Total single-family loans		1,541		(33)		1,508		(85)		1,423
Total non-performing loans	$	1,541	$	(33)	$	1,508	$	(85)	$	1,423

(1) Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan.

(2) There was no related allowance for loan losses because the loans were charged-off to their fair value or the fair value of the collateral was higher than the loan balance.

Schedule of Nonperforming Loans on Interest Income

		Quarter Ended March 31,
	2023				2022
		Average	Interest		Average		Interest
		Recorded	Income		Recorded		Income
(In Thousands)		Investment	Recognized		Investment		Recognized
Without related allowances:
Mortgage loans:
Single-family	$	57	$	—	$	540	$	1
		57		—		540		1
With related allowances:
Mortgage loans:
Single-family		973		13		1,267		15
Multi-family		—		—		1,172		12
		973		13		2,439		27
Total	$	1,030	$	13	$	2,979	$	28

	Nine Months Ended March 31,
	2023				2022
		Average	Interest		Average		Interest
		Recorded	Income		Recorded		Income
(In Thousands)		Investment	Recognized		Investment		Recognized
Without related allowances:
Mortgage loans:
Single-family	$	87	$	—	$	675	$	232
		87		—		675		232
With related allowances:
Mortgage loans:
Single-family		983		33		3,126		86
Multi-family		—		—		1,179		43
		983		33		4,305		129
Total	$	1,070	$	33	$	4,980	$	361

Schedule of troubled debt restructurings by nonaccrual versus accrual status

	At		At
(In Thousands)	March 31, 2023		June 30, 2022
Restructured loans on non-accrual status:
Mortgage loans:
Single-family	$	710	$	722
Total		710		722
Restructured loans on accrual status:
Mortgage loans:
Single-family		655		3,748
Total		655		3,748
Total restructured loans	$	1,365	$	4,470

Schedule of recorded investment in restructured loans

	At March 31, 2023
	Unpaid								Net
	Principal		Related		Recorded				Recorded
(In Thousands)	Balance		Charge-offs		Investment		Allowance(1)		Investment
Mortgage loans:
Single-family:
With a related allowance	$	748	$	—	$	748	$	(38)	$	710
Without a related allowance(2)		655		—		655		—		655
Total single-family		1,403		—		1,403		(38)		1,365
Total restructured loans	$	1,403	$	—	$	1,403	$	(38)	$	1,365

(1) Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan.

(2) There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the loan balance.

	At June 30, 2022
	Unpaid								Net
	Principal		Related		Recorded				Recorded
(In Thousands)	Balance		Charge-offs		Investment		Allowance(1)		Investment
Mortgage loans:
Single-family:
With a related allowance	$	760	$	—	$	760	$	(38)	$	722
Without a related allowance(2)		3,748		—		3,748		—		3,748
Total single-family		4,508		—		4,508		(38)		4,470
Total restructured loans	$	4,508	$	—	$	4,508	$	(38)	$	4,470

(1) Consists of collectively and individually evaluated allowances, specifically assigned to the individual loan.

(2) There was no related allowance for loan losses because the loans have been charged-off to their fair value or the fair value of the collateral is higher than the loan balance.